Bill to stop elderly financial exploitation unanimously passes Senate

RICHMOND, Va. (CBS19 NEWS) -- A bill that would allow banks to stop the financial exploitation of older Virginians has unanimously passed the state Senate.

State Senator Mark Obenshain introduced the bill, SB 1490, which protects seniors by letting financial institutions delay or refuse transactions if it is believed the transaction may facilitate financial abuse or exploitation of an elderly person.

"Sadly, financial exploitation of the elderly is on the rise," he said. "Last year alone, at least $28.2 million was lost to financial abuse in Virginia, and that is not even taking into account the number of cases that go unreported."

According to a release, bank tellers are often the ones in the best position to identify and stop this type of crime, but they often feel helpless because they cannot stop or delay a suspicious transaction.

This piece of legislation will give tellers the ability to do so.

The bill now heads to the House of Delegates.

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Bill to stop elderly financial exploitation unanimously passes Senate